Challenge: Before Domo, TTCU struggled to understand who its best customers were and why.  

Solution: Thanks to Domo, the credit union is able to leverage a member engagement model that shows what its customers want. 

Impact: The member engagement model helps the credit union offer the right mix of products and services to its members, while also informing how it should focus its marketing mix.

Texas Tech Credit Union delivers a smarter member experience with Domo.

Headquartered in Lubbock, Texas, Texas Tech Credit Union (TTCU) focuses on serving the financial needs of more than 30,000 healthcare professionals, educators, and their families throughout the region. In order to do so, the credit union has used Domo to build a data-driven culture that allows it to provide the highest level of support and service possible.

“We talk a lot about high technology, high touch solutions here at Texas Tech Credit Union. When you walk into one of our branches, we want you to feel like we’re investing in our company in a way that will really be able to serve you,” said Chris Hutson, CEO at TTCU. “Domo gives us the information that we need to serve our members in a high touch, high technology way.”

Making members matter. 

Before Domo, TTCU struggled to leverage its customer data in a way that would allow it to make agile business decisions required to keep pace with customer needs. “We have multiple data sources, which could introduce little discrepancies. Not only was it hard for people to trust data, but everything took longer. We could get a request for a field or a new piece of information and then have to work for eight hours to bring that piece of data into a visualization because most people don’t want to look at rows and columns,” Hutson said.

Thanks to Domo, TTCU is able to bring all its data together so that employers can get impactful insights at speed and scale. “We now tell the story better for the people who are interested in the back end of the data, but then we’re able to tell so many more stories because it’s so much more efficient at processing the data,” Hutson said.  

Using Domo, TTCU built a robust member engagement model it uses to prioritize everything from its marketing investments to product mix to customer support initiatives. The model creates a score based on how members use each product, allowing the credit union to understand how engaged each customer is and why. With this information, TTCU can then offer additional services and support that the member will most likely appreciate.  

“Now we have all the different components of how deep our relationship is with our members, which is one of our most important, trackable key performance indicators,” Hutson said.

Smarter communications.

Using the member engagement model, TTCU can be much more intelligent in the way it communicates with current and potential members. Because the credit union has to compete against well-funded national banks, scrappy fintechs, and other local financial institutions, it has to leverage data if it hopes to break through the noise of the market.  

“When you’re contemplating putting a lot of money behind your name, you’ve got to have the data to back it up. And you’ve got to know what you’re going to get as a return on your investment,” said Griffyn Pendergrass, TTCU’s marketing manager. “When it comes to marketing relationships, we have the advantage of using Domo to truly make strategic decisions.”

Pendergrass uses Domo to track the performance of all of the credit union’s marketing campaigns across each online platform, in addition to offline marketing performance. She then uses this data to adjust campaign spend to the top-performing channels, helping her get the most value for her budget.  

“Domo has really helped us on the marketing front, in conjunction with our member engagement model, to start seeing trends that help us determine where we should put marketing spend,” said Brian Jackson, CIO at TTCU. 

For example, the sales team used Domo to identify that the credit union was experiencing a higher-than-average number of loan applications specifically for Teslas. Using this insight, TTCU was able to quickly create a Tesla-focused campaign to attract other shoppers in the market.  

“We received a record amount of attention from this campaign, which we only knew to launch because of the data we received from our member service team,” Pendergrass said.

Improving loan performance.

TTCU also uses Domo to measure the performance of its consumer loans and mortgages, two of the most important services the credit union provides its members. By using data to measure and visualize all its lending commitments, the credit union is able to keep up with the needs of the fast-growing region.  

“I would classify us as a small credit union as recently as three or four years ago. The biggest hurdle to growth was our inability to have numbers to back up a gut feeling,” said Eric Lundberg, COO at TTCU.

Today, TTCU uses Domo to measure the performance of its consumer lending and mortgages in real time, allowing the credit union to revamp its entire lending program. Instead of making loan decisions at the individual branch level, the credit union was able to create a centralized model that allows it to close more applications. As a result, the credit union now processes about $4 million in loans per loan officer per month, up from $400,000 a month per loan officer before.

“We went from 12 lenders down to four, and yet almost immediately tripled our lending production on a monthly basis. A lot of that has to do with the fact that now we have this model built and we can measure things, we can go back and continuously make tweaks. Before, we would probably make a lending policy change once every two years. Now we’re making changes almost on a monthly basis,” Lundberg said.

Simplifying board reporting.

In addition to improving operations and the member experience, Domo has helped TTCU revolutionize the way it runs its business. By using rules and alerts to manage transaction trends, the credit union is able to better monitor for fraud.  

“We have been able to catch things in Domo before they got too big, things that even our fraud platform wasn’t able to stop in a timely manner,” said Monty Long, CFO at TTCU. “We have alerts set up that can show if something weird is going on with a particular member or group of transactions so we can quickly do research.”  

Domo also makes it easy for Long to report to the board. “Every month after we close, I’m just able to put together the packet. And then we present directly from those dashboards,” Long said. “What makes our job really fun is that in those cases, we might have someone ask a question that isn’t a part of the visualization or the data set that we’re talking about at the moment. In that case, we’re able in real time to go ahead and either apply filters or pull in additional information to answer the question, rather than say, ‘Oh, let me go research that and we’ll get back to you at the next meeting.’”